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17 Jun, 21 tweets, 4 min read
1) When it comes to COVID, there is no plan.

There never was any.
2) NOT PANDEMIC ADVICE.

Fuck it, yeah, this is basically pandemic advice.
3) As I write this, I'm a day delayed traveling.

Why? Because my negative COVID test used my middle initial instead of my full middle name (it also had my passport number on it!)

I needed that test in order to:

fly
--> take another test
--> quarantine
--> 3 more tests
4) Also I'm already vaccinated
5) There are some internally consistent strategies for COVID.

For instance, "the whole world locks down super hard until it's gone", or "don't bother ever locking down", or "soft lockdown until there's a vaccine".

We didn't take any of those.
6) So, where _are_ we?

Well....

a) the world has been mostly shut down for 1.5 years (!)
b) the world still isn't really opening up (!!)
c) the vaccine exists
d) but only 5% of people are vaccinated (!!!)
e) the vaccine is massively overdosed and has nontrivial side effects
7) How do we know this is a bad outcome?

Because it's worse than the simple ones.

So far the world has locked down for 1.5 years, had 4m deaths, inflated monetary supply, and there's more to come.
8) If we had *all* locked down really hard for 2 months, COVID would have died out. Maybe that's unrealistic, though.

Ok, what if we had ignored COVID? Then ~1% of the population would have lost ~8 years of life, and another ~30% would have lost ~1 week to sickness.
9) That would have averaged to about 30 days per person, which is frankly a fair bit better than 1.5 years of lockdown + massive inflation + also we're not done yet.

And how about the third obvious option--sorta lockdown, like we did, until we get the vaccine, and then open up?
10) Well this one we could still kinda sorta maybe achieve! But we're not.

Have you ever walked somewhere without a mask and when prompted said "I'm vaccinated'?

Trust me, it doesn't work. They still make you wear the mask.

Which is seriously fucked up.
11) A while ago it was in vogue to say "it's evil to ignore COVID protocols, but once there are vaccines it's your right to be free".

People said that to justify lockdowns.

Now the vaccine is here. Where did those voices go?
12) (And, before you point out not everyone is vaccinated: at least in the states, most people who are planning to get vaccinated have already: )
13) And it gets worse.

You know what _another_ option would have been?

Search "when was the COVID vaccine developed" and you'll find lots of articles bragging about how FAST and QUICK it was.

Because it only took a year to get to the public.

The vaccine was ready in a month.
14) Seriously! The mRNA COVID vaccines were ready in February.

February 2020, that is.

The next nine months were clinical trials. Meanwhile those who weren't dying were locked in their rooms.
15) Seriously, fuck whatever systems decided that was a good tradeoff.

We could have had it out in March; a simple trial on 1,000 participants would have been plenty to prove it was safe and effective.
16) (People will decry the unprecedented money printing this year.

It had bad effects!

But also the economy would have been shit otherwise. We shut down the world for a year.

IDK whether the monetary response was good or bad.

Needing to do it in the first place was bad.)
17) So, again, where are we now?

We're lost, really. No one knows the plan, because there is no plan.

We're opening back up, maybe, kinda, not really.

Maybe this is the new normal.
18) And that's the scariest part.

Not that we fucked around for a year with a vaccine ready.

Not that we all gave up 1.5 years of lockdown, and counting, along with inflation and businesses closing, for 30 days of life.

No, the worst part is that we gave up on the future.
19) There are various phrases the US likes to say, sometimes.

New Hampshire is the Live Free or Die state.

And maybe that's an exaggeration. But what the world has shown in the last year is the opposite.
20) We're willing to permanently give up our livelihoods, friends, and freedom, slowly and passively falling into the "new normal", without really much of a second thought.

Policy keeps shifting under our feet, moving the goalposts further and further away.

"Meh", we respond.
21) As I write this, a police officer came up and pointed at my face.

"I'm vaccinated and just got 2 negative COVID tests", I said. I hold up my paperwork.

He pointed at my face again. Also, of course, he has a gun.

I sigh and put on my crumpled mask until he passes by.

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More from @SBF_Alameda

17 Jun
1) A few further comments on COVID, in response to some comments:

2) On the 1,000 person sample size:

a) challenge trials fix this
b) safety can be determined with ~1000 people; either you think COVID death >> 0.10% or the whole thing is stupid
c) efficacy was strongly expected
d) fine pay for 40k, it's a tiny fraction of the delay cost
3) On politics:

Both parties get failing grades here. They both flip flopped (remember the immigration wars a year and a half ago?). We transitioned from incompetent to poorly-thought-out.
Read 8 tweets
16 Jun
Cloudflare acting up, not sure why, stopping some people from accessing the FTX website.

We're reaching out to them and working on hacking around it.
NOTE: we have moved FTX to post-only mode in response to the cloudflare errors that many users are seeing.

We are trying to resolve this ASAP.
Still no progress from Cloudflare here, super frustrating.

We're working on alternative solutions.
Read 5 tweets
12 Jun
1) Per a conversation with @_Dave__White_: EUR/JPY, JPY/EUR, and Quantos:

Why bitmex.com/app/trade/ETHU… trades at a premium.
2) NOT INVESTMENT ADVICE. NOT TRADING ADVICE.
3) Let's pretend that EUR, GBP, and USD all had 0 interest rates and you didn't have opinions on any of them.

Let's also pretend they are all worth they same now.

Then you see contracts for EUR/GBP and GBP/EUR, where you can trade one for the other.

They settle in 10 years.
Read 14 tweets
5 Jun
1) I'm away from the office this week at the conference, but our team has rolled out a ton of cool shit!
2) FTX Pay:

Have an app, business, exchange, etc. that wants to accept both crypto and fiat?

Integrate FTX Pay!

US: ftx.us/pay
Intl: ftx.com/pay

Live now on sollet.io!
3) NFTs are live on FTX!

Some cute ones to start but lots more to follow. Reach out if you want to add yours!

ftx.com/NFTs
ftx.us/NFTs
Read 5 tweets
2 Jun
1) What a difference a year makes
2) I'm back in the states for the first time in about a year and a half.

There's probably a thread to write here about COVID and masks and vaccines and travel and Asian and the bay area and Miami, but this isn't that thread.
3) Last time I was here, I was visiting a Berkeley office, bustling with life.

BTC was trading at $9k, about to crash to $4k.

FTX had a few hundred millions of dollars per day of volume.
Read 9 tweets
24 May
1) What sort of leveraged played a part in the crash?
2) NOT INVESTMENT ADVICE. TRADE RESPONSIBLY.
3) The obvious answer is "100x".

But I don't think it's the correct one.
Read 10 tweets

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